How to start with no Credit History and find a house and get a car

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » How to start with no Credit History and find a house and get a car

How to start with no Credit History and find a house and get a car

The content is accurate at the time of publication and is subject to change.
Although most people make it seem so, all is not lost if you have no credit history to your name. With proper planning and sticking to the points on your check list you can build it. If you do not have any credit history to start with getting mortgage and car loans would prove difficult too and even if you do, the monthly payments you will need to make will be astronomical. To start with you can find a home or apartment for rent without actually having the landlord to do a credit check. Most landlords go with the gut feeling, so if you make a good impression, the chances of paying for a credit report about you is very less. You can approach the landlord through a real estate agent, which will ensure that you have someone to vouch for you and a good chance to not have a credit check done. Getting recommended by someone who has a good credit history is also a very good idea to get the credit check waived. This is also the reason why even most landlords want a co-signor which will increase the chances of you getting the home without a credit check done. Having your guardian or parents sign as a co-signor will give the landlord enough confidence to not have to bother about your credit score or credit history at all. However, you must keep in mind that you are using another person's credit and hence have to be careful. The landlord can go after the co-signor legally if you default on your monthly rents or damage the house in any way. Once you have a house and hence a proper address, you should try to get the telephone bills, internet bills and everything else possible in your name at your address. This will start your credit history and by making regular payments every month you can actually build a credit. You also need to check in your neighborhood if there is a supermarket or a gas station which gives out credit cards even if is prepaid. If you can ensure that these places actually report to the credit bureau, then you can gradually build your credit history. Getting an account in your name will also help. Until you get at least a fair credit rating, which you should know by regularly checking your credit report, you shouldn't go for a credit card or a car loan. The reason is that the interest rate will be very high in some cases or your application is likely to be rejected. This should be avoided as much as possible because every time your application is rejected you bring down your credit score further. Having a credit score is important and trying to take it above 700 should be your main focus. This will help you get credit cards with better offers. If you are a student, you will get student loans at lower interest rates and more offers too.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Posted: February 12, 2018

The sun shines more and more each day, flowers are in bloom and you already feel how hot it is getting - summer is here. Summer holidays are almost here, and you are in need of dire preparation. You can lift in spirits and let CreditLand ... Continue reading
Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: February 10, 2018

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Price Protection: Credit Cards That Will Refund a Price Drop

Price Protection: Credit Cards That Will Refund a Price Drop

Posted: February 8, 2018

Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!